How Homeownership Impacts You

June 2, 2022
June is National Homeownership Month, and it’s the perfect time to reflect on how impactful owning a home can be. When you purchase a house, it becomes more than just a space you occupy. It’s your stake in the community, an investment, and a place you can put your stamp on.
If you’re considering buying a home this year, here are some benefits you’ll experience when you do.

The Emotional Benefits of Homeownership

Because it’s a place that’s uniquely yours, owning a home can give you a sense of pride and happiness in several ways.
Your Home Can Reflect Your Tastes and Personality
Investopedia puts it like this:
“One often-cited benefit of homeownership is the knowledge that you own your little corner of the world.
That knowledge can lead to a powerful, emotional connection to the place where you live. But so can the realization that your home will grow with you. Because it’s yours, you have the freedom to make updates to it as your needs and tastes change. As Logan Mohtashami, Lead Analyst for HousingWiresays:
“The psychology is that this is yours and you’re going to make it as good as possible because you’re in for a long time, . . . “
And that can create a greater sense of ownership, pride, and connection with your home and community.
It Can Enhance Your Neighborhood and Civic Engagement
Homeownership can lead you to get even more involved with your local area. After all, you’re putting your roots down in a location and will want to do what you can to help improve it, much like your home. In a recent report, the National Association of Realtors (NAR) says:
Living in one place for a longer amount of time creates and [sic] obvious sense of community pride, which may lead to more investment in said community.”

The Financial Benefits of Homeownership

When you choose to become a homeowner, you’re also making a financial decision. That’s because your home is also an investment.
It Can Help You Feel Financially Stable
Homeownership is one of the best ways to improve your long-term financial position. Not only will you have a predictable monthly housing expense that can benefit your budget in the short term, but you’ll also gain equity as your home appreciates and make your monthly mortgage payment. As Freddie Mac says:
“Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”
It Can Grow Your Wealth
Because of your growing equity, you can build your net worth as a homeowner. And when you compare the difference in net worth between a renter and a homeowner, it’s clear that owning a home truly offers a great way to build your long-term financial position. According to the latest data from NAR, the median household net worth of a homeowner is roughly $300,000, while the median net worth of renters is only about $8,000. That means a homeowner’s net worth is nearly 40 times that of a renter.

Bottom Line

Homeownership is a way to find greater satisfaction and happiness and build financial freedom. If National Homeownership Month has you dreaming about purchasing a home, let’s connect to begin the process today.
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Residential For Sale

20 Shirley Drive, Cumberland, Rhode Island 02864

Re/Max Bell Park
3Bedroom(s)
2Bathroom(s)
Garage Door OpenerParking(s)
17Picture(s)
2,336Sqft
Welcome home to this well-maintained Ranch on a corner lot.
$425,000

Land For Sale

12 Brush Hill Road, Providence, Rhode Island 02909

RE/MAX Innovations
0.09Acre
A Vacant Lot located in the lower Mount Pleasant area of Providence. Lot is zoned R2. Seller has survey, Providence Water, Narragansett Bay, and DPW approvals in hand. Buyer must do all due diligences.
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81 Narragansett Avenue, Narragansett, Rhode Island 02882

HomeSmart Professionals
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2Bathroom(s)
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44Picture(s)
1,740Sqft
Investors take notice! This turn-key 5/6 bedroom, 2 bathroom property is located in the heart of the Pier, only 0.4 miles to Narragansett Town Beach. Wake up to the smell of salty sea air and enjoy a short 5-minute walk or 1-minute drive to the beach. The large fenced-in backyard and screened-in porch are perfect for family gatherings.
$1,250,000

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132 Winifred Avenue, Warwick, Rhode Island 02889

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3Bedroom(s)
2Bathroom(s)
No GarageParking(s)
14Picture(s)
1,580Sqft
Immaculate 3 (potential for 4) bed, 2 full bath raised ranch set in a quiet neighborhood of Shawomet. The first floor features 2 bedrooms, full bath, an updated kitchen with stainless steel appliances and glass sliding doors leading to your large deck. Head downstairs to an additional bedroom, bonus room, common area, updated full bath, and walkout.
$339,900

Residential For Sale

805 Forest Avenue Avenue, Middletown, Rhode Island 02842

Coldwell Banker Realty
2Bedroom(s)
1Bathroom(s)
No GarageParking(s)
23Picture(s)
840Sqft
This lovely 2 bed mobile home may suit your needs as a starter home, vacation home or a retirement home. It is equipped with all the basics and a few bells and whistles too. This home has been recently renovated with special loving care and it is in very good condition. There are 2 parking spaces in the driveway.
$160,000

Residential For Sale

58 COUNTRYSIDE Drive, Scituate, Rhode Island 02857

HomeSmart Professionals
3Bedroom(s)
3Bathroom(s)
GarageParking(s)
20Picture(s)
2,582Sqft
COME ENJOY THIS 3 BED 3 BATH BILEVEL SET ON A HALF ACRE LOT ON A QUIET COUNTRY CULDESAC WITH LOADS OF PRIVACY YET CLOSE TO ALL AMMENITIES. RECENTLY REMODELED KITCHEN, 2 NEW BATHS, NEW CENTRAL AC ON MAIN FLOOR WITH HEAT PUMP, NEWER WINDOWS, SIDING, GUTTERS AND ROOF.
$549,900
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